Markets Stay Flat Second-Straight Day, 10-Year Yield Rises

Market Overview - Market indexes remained mostly flat, with the Dow Jones Industrial Average dropping by 178 points, or 0.37%, while the S&P 500 decreased by 6 points, or 0.09%. The Nasdaq gained 31 points, or 0.13%, and the Russell 2000 increased by 5 points, or 0.20% [1] Bond Market Insights - The 10-year bond yield rose to a three-month high of 4.186%, driven by concerns that an upcoming 25 basis-point interest rate cut may weaken the Federal Reserve's ability to control inflation, which is currently closer to 3% than the target of 2% [2] Labor Market Data - The Job Openings and Labor Market Turnover Survey (JOLTS) for October reported 7.67 million job openings, significantly higher than the expected 7.2 million, following an upward revision for September to 7.66 million [3] - The number of hires decreased by 218,000 to 5.15 million, and the Job Quits Rate fell to 1.8%, the lowest since the peak of the Covid pandemic, indicating a stagnant labor market [4] Company Earnings Reports - Casey's General Stores (CASY) reported fiscal Q2 earnings of $5.53 per share, exceeding expectations of $4.92, representing a 14% year-over-year increase. However, revenues of $4.51 billion fell slightly short of estimates, with a year-over-year growth of 3.3%. Shares declined by 2.4% in late trading after a 42% year-to-date gain [5] - Cracker Barrel (CBRL) reported a negative earnings per share of -$0.74, excluding one-time items, and -$1.10 including them. Revenues of $797.2 million missed the consensus estimate of $801.1 million and decreased from $845.1 million a year ago. The company lowered its full-year revenue guidance, leading to a 10% drop in shares during late trading [6]